The Medicare Improvements for Patients and Providers Act, recently approved by Congress in September, has created quite a stir in the insurance market. The new CMS regulations will no doubt have a large impact on the 2009 selling season and the future of Medicare Advantage plans. Many companies are changing how they structure their Medicare Advantage plans and how agents can market them. Do you know how these changes will affect you?
- Government spending on MA reduced by $12.5 Billion
- PFFS plans required to establish network by 2011
- Quality reporting requirements for PFFS plans
- High MA premiums to cover reduction in spending
- Marketing Reforms- how plans can be marketed and sold
- Expansion of Part D Low Income Programs
- Phase out of Indirect Medical Education Payments
- Growth in Medicare Supplement market
Are you prepared to offer your clients other options to better fit your clients' needs?
Check back frequently to stay educated on updates to the CMS bill and what it means for your business.